Highgate Assumes Management of Trust Hospitality Portfolio of 22 Lifestyle Properties

USA, New York City, New York. October 22, 2020

Leading real estate investment and hospitality management company Highgate announced today it has assumed management of Trust Hospitality's portfolio assets, comprised of 22 hotels and resorts - approximately 3,100 rooms - throughout the U.S., Caribbean and Latin America. The portfolio includes a combination of existing and under development hotels and resorts.

This transaction increases Highgate's footprint in the Caribbean and Latin America, and will enable the company to be the leading hotel manager in the region. Trust CEO Richard Millard and Partner/Head of Development Michael Register will join Highgate to lead business development and owner relations efforts in the region.

As part of the Highgate platform, the Trust team will leverage their deep experience in the Caribbean and Latam, and the benefits of Highgate's scale, to significantly grow their presence across both branded and independent hotels.

"We are thrilled to be partnering with Richard and Michael as we continue to grow in key Caribbean and Latin America countries, and in the destination resort market broadly," said Richard Russo, Principal at Highgate. "Over the past few months we have accelerated the pace of Highgate's growth through individual hotel additions, portfolios additions, and strategic M&A."

Russo continues: "We will continue to pursue opportunities to collaborate with talented management teams who can benefit from integrating into the Highgate platform, and contribute to our objective of providing best-in-class services, innovated operating capabilities, and a compelling value proposition for our partners and key stakeholders."

"When deciding who to pass along the company that I founded and spent the past 30 years building, I was drawn to Highgate for their entrepreneurial spirit and strong owner-minded culture," said CEO of Trust Hospitality Richard Millard. "I look forward to working with Highgate and leveraging the tools and resources they have at their disposal to help the firm expand its footprint in the region. I couldn't be more excited for my team and myself as we embark on the next stages of our careers with Highgate."

Currently operating 160 hotels and resorts, and over 45,000 rooms worldwide, Highgate continues to receive global recognition for its hospitality-forward thinking, contemporary programming and digital innovation. The company is committed to expanding its portfolio of award-winning properties throughout 2020 and beyond.

"As the hospitality industry focuses on recovery, we recognize and are grateful for the opportunity to thoughtfully continue our expansion," said Chief Operating Officer Steve Barick. "We look forward to continuing to partner with like-minded owners and management companies, and welcome both the Trust employees and the owners of its hotels into the Highgate family."

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